The Central Bank of Nigeria (CBN) on Friday released a total of $265 million to airlines operating in the country. to settle outstanding ticket sales.
The released of the fund which is part of over $600 million belonging to foreign airlines that has been blocked in Nigeria since the beginning of the year is seen as a move to avert the crisis rocking the nation’s aviation sector in recent times.
A breakdown of the figure shows that the sum of $230 million was given as special Forex intervention while another sum of $35 million was released through the Retail SMIS auction
Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, said the CBN Governor, Godwin Emefiele, and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations.
Nwanisobi reiterated that the Bank was not against any company repatriating its funds from the country, adding that what the Bank stood for was an orderly exit for those that might be interested in doing so.
With Friday’s release, it is expected that operators and travellers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face of unremitted funds for the outstanding sale of tickets.
INVESTOGIST recalls that Emirates Airlines last week announced that it is suspending all its flights to and from Nigeria starting September 1, 2022 over lack of progress in the airline’s efforts to repatriate its trapped ticket sales of up to $85 million in Nigeria.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
